Can an estate agent tell me to contact its broker before viewing flats?

Q A London property agent is requiring that I undertake “monetary verification” with their nominated dealer earlier than I can view a flat with them.

They are saying their dealer is impartial of them, and received’t go my knowledge again to them. Nonetheless I really feel uncomfortable that I must give any monetary knowledge to a 3rd occasion at their request, and earlier than I even have any intention of getting into right into a transaction. I defined this to them however they preserve I've no selection if I desire a viewing.

I’m not making an attempt to purchase a multimillion-pound mansion, only a small ex-local-authority one-bed flat. Can they ask me to do that?
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A They'll and so they should as soon as you place a proposal on a property in. Below anti-money-laundering laws, property brokers are required to examine that the cash of anybody shopping for a property is coming from a authentic supply and isn't the proceeds of legal exercise. In the event that they don’t do these checks, they are often fined or imprisoned. They're additionally legally required to acquire proof of your identification and your present tackle.

There is no such thing as a authorized requirement for property brokers to demand “proof of funds” earlier than you place a proposal in. At this stage, asking for monetary info is only a method of discovering out whether or not you're a critical purchaser and have a real curiosity in a property and also you don’t must adjust to the request. It does appear odd to ask for proof of funds earlier than even arranging a viewing but it surely’s not unusual so if that’s how your property agent chooses to do enterprise, so be it. What just isn't acceptable is an property agent insisting that you just use its in-house mortgage dealer (for which the agent will get a referral payment) earlier than you’re allowed to view someplace.